Bank of America (BAC) Downgraded by Vetr to “Hold”

Vetr cut shares of Bank of America (NYSE:BAC) from a buy rating to a hold rating in a research report sent to investors on Friday. Vetr currently has $32.49 price target on the financial services provider’s stock.

A number of other analysts have also weighed in on BAC. BidaskClub upgraded Bank of America from a sell rating to a hold rating in a research note on Friday, September 22nd. Deutsche Bank restated a hold rating and issued a $25.00 target price (up from $23.00) on shares of Bank of America in a research note on Tuesday, September 26th. Robert W. Baird restated a hold rating and issued a $24.00 target price on shares of Bank of America in a research note on Sunday, October 1st. Citigroup restated a neutral rating and issued a $27.00 target price (up from $25.00) on shares of Bank of America in a research note on Monday, October 9th. Finally, Zacks Investment Research lowered Bank of America from a hold rating to a sell rating in a research note on Tuesday, October 10th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and seventeen have given a buy rating to the company’s stock. The company currently has a consensus rating of Buy and an average target price of $29.87.

Shares of Bank of America (NYSE:BAC) traded up $0.24 during trading hours on Friday, hitting $31.72. The stock had a trading volume of 66,384,480 shares, compared to its average volume of 68,870,000. Bank of America has a 52 week low of $22.07 and a 52 week high of $31.79. The firm has a market capitalization of $330,860.00, a price-to-earnings ratio of 20.60, a PEG ratio of 1.64 and a beta of 1.32. The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.90 and a current ratio of 0.91.

Bank of America (NYSE:BAC) last announced its earnings results on Wednesday, January 17th. The financial services provider reported $0.47 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.44 by $0.03. Bank of America had a return on equity of 8.54% and a net margin of 18.03%. The company had revenue of $20.69 billion during the quarter, compared to analyst estimates of $21.61 billion. During the same period last year, the company posted $0.40 earnings per share. The firm’s quarterly revenue was up 3.5% compared to the same quarter last year. analysts predict that Bank of America will post 2.39 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 29th. Investors of record on Friday, December 1st were given a $0.12 dividend. The ex-dividend date was Thursday, November 30th. This represents a $0.48 dividend on an annualized basis and a yield of 1.51%. Bank of America’s payout ratio is 31.17%.

Bank of America announced that its Board of Directors has approved a share buyback program on Tuesday, December 5th that permits the company to repurchase $5.00 billion in shares. This repurchase authorization permits the financial services provider to repurchase shares of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s leadership believes its shares are undervalued.

A number of hedge funds have recently made changes to their positions in BAC. Northwest Investment Counselors LLC bought a new position in Bank of America during the second quarter worth about $100,000. Chicago Partners Investment Group LLC boosted its holdings in Bank of America by 11.0% during the second quarter. Chicago Partners Investment Group LLC now owns 4,531 shares of the financial services provider’s stock worth $103,000 after buying an additional 450 shares during the last quarter. Burt Wealth Advisors boosted its holdings in Bank of America by 4,013.1% during the third quarter. Burt Wealth Advisors now owns 4,401 shares of the financial services provider’s stock worth $112,000 after buying an additional 4,294 shares during the last quarter. MPS Loria Financial Planners LLC bought a new position in Bank of America during the second quarter worth about $115,000. Finally, Legacy Advisors LLC bought a new position in Bank of America during the third quarter worth about $115,000. Hedge funds and other institutional investors own 68.46% of the company’s stock.

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About Bank of America

Bank of America Corporation is a bank holding company and a financial holding company. The Company is a financial institution, serving individual consumers and others with a range of banking, investing, asset management and other financial and risk management products and services. The Company, through its banking and various non-bank subsidiaries, throughout the United States and in international markets, provides a range of banking and non-bank financial services and products through four business segments: Consumer Banking, which comprises Deposits and Consumer Lending; Global Wealth & Investment Management, which consists of two primary businesses: Merrill Lynch Global Wealth Management and U.S.

Analyst Recommendations for Bank of America (NYSE:BAC)

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